2020 AML monitoring report Prepared by ICAEW's quality assurance reviewers, this report covers the key issues identified from anti-money laundering reviews carried out in the last 12 months. It aims to help firms understand how to avoid these issues and discusses our upcoming areas of focus.
If you prefer to listen to the results of our 2020 anti-money laundering monitoring, you can do so via our recorded webinar.
This e-newsletter is produced by ICAEW's Professional Standards department to help you keep up-to-date on the key changes in the money laundering regime and help inform your risk assessment, policies and procedures
ICAEW continues to be at the forefront of Anti Money Laundering (AML) supervision and now, throughout 2021, ICAEW’s Michelle Giddings, Head of AML, has been elected as Chair of the AML Supervisors Forum, set up by HM Treasury under the 2007 Money Laundering Regulations.
A shared understanding between law enforcement, supervisory bodies and firms of money laundering and terrorist financing risks is crucial to ensuring firms recognise when they are at risk of being used to facilitate money laundering.
Joanna Bliault, a forensic accountant at the Metropolitan Police, urges accountants to take their professional scepticism to the next level and act on the most common red flags she has encountered in the line of duty.
Submitting a suspicious activity report (SAR) is much more than a routine compliance obligation. We talk to Martin Cox, Head of Engagement, Communications and Risk Management, UK Financial Intelligence Unit (UKFIU), about the critical role ICAEW firms and members play in piecing together information that can protect vulnerable people and bring criminals to justice.
Access further AML resources
- AML UK law and guidance
- Risk assessment and customer due diligence
- SARs reporting
- SARS: making a difference